Read previewAmerica's wild, multi-year shopping spree has come to an end — and retailers who got used to Americans dropping cash on just about everything are in a tough spot.
US retail sales came in stronger than expected in July, with Americans spending more overall compared to the prior month, according to Census data.
Around 40% of consumers said they planned to pare back spending on accessories, home decor, jewelry, and furniture, per McKinsey's survey.
We're now back in an environment where good retailers, strong brands that offer compelling value … will benefit," Siegel said.
In the meantime, that could mean more pain for retailers, Siegel said, speculating that many were caught by surprise by the shift in consumer sentiment.
Persons:
—, Ted Rossman, Rossman, pare, Simeon Siegel, Siegel, We're, SPDR
Organizations:
Service, Business, McKinsey & Company, Bankrate, Customers, BMO, Challenger, Walmart, Target, San Francisco Fed, Primerica
Locations:
FactSet
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